Many luxury retailers use Hong Kong as a springboard for expansion into mainland China. Photo Bloomberg
Although Hong Kong?s retail industry is said to be reeling from the declining number of mainland tourists, the city is still the leading luxury shopping destination in Asia, says a new report from real estate consultant JLL.
Hong Kong is the world?s second most appealing luxury retail destination after London, according to JLL?sĀ Destination Retail 2016 report.
The study also reveals that seven of the top 10 cities with the highest presence of luxury retailers are in the Asia-Pacific.
The research, which for the first time provides a global ranking of cities by their appeal to cross-border retailers, reveals that Hong Kong is second only to London in popularity. Also among the top 10 are Tokyo, Shanghai, Singapore, Beijing, Osaka and Taipei.
?Hong Kong remains Asia?s leading luxury shopping destination with many retailers using it as a springboard for expansion into mainland China,? says James Assersohn, JLL?s director of retail for the Asia-Pacific.
?While there has been a noticeable slowdown in luxury sales in the city due to China?s slowing economy and the government?s anti-corruption crackdown, Hong Kong continues to attract many high-spending mainland tourists.?
?More broadly, the dominance of Asian cities in the index highlights the attractiveness of the region to retailers, thanks to its burgeoning middle classes and growing levels of affluence,? explains Assersohn...